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Goodwill And Intangible Assets | 3 Months Ended
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Oct. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The following table shows the changes in the carrying amount of goodwill:
(Millions) | Meals & Beverages |  | Snacks |  | Total
Net balance at July 28, 2024 | $ | 2,102 |  |  | $ | 2,975 |  |  | $ | 5,077 |
Divestiture(1) | — |  |  | (21) |  |  | (21) |
Net balance at October 27, 2024 | $ | 2,102 |  |  | $ | 2,954 |  |  | $ | 5,056 |
____________________________________ (1)On August 26, 2024, we sold our Pop Secret popcorn business. See Note 4 for additional information. Intangible Assets The following table summarizes balance sheet information for intangible assets, excluding goodwill:
|  | October 27, 2024 |  | July 28, 2024 |
(Millions) |  | Cost |  | Accumulated Amortization |  | Net |  | Cost |  | Accumulated Amortization |  | Net |
Amortizable intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 1,060 |  |  | $ | (319) |  |  | $ | 741 |  |  | $ | 1,060 |  |  | $ | (300) |  |  | $ | 760 |  |
Definite-lived trademarks |  | 76 |  |  | (2) |  |  | 74 |  |  | 76 |  |  | (2) |  |  | 74 |  |
Total amortizable intangible assets |  | $ | 1,136 |  |  | $ | (321) |  |  | $ | 815 |  |  | $ | 1,136 |  |  | $ | (302) |  |  | $ | 834 |  |
Indefinite-lived trademarks |  |  |  |  |  |  |  |  |  |  |  |  |
Rao's |  |  |  |  |  | $ | 1,470 |  |  |  |  |  |  | $ | 1,470 |  |
Snyder's of Hanover |  |  |  |  |  | 620 |  |  |  |  |  |  | 620 |  |
Lance |  |  |  |  |  | 350 |  |  |  |  |  |  | 350 |  |
Kettle Brand |  |  |  |  |  | 318 |  |  |  |  |  |  | 318 |  |
Pace |  |  |  |  |  | 292 |  |  |  |  |  |  | 292 |  |
Pacific Foods |  |  |  |  |  | 280 |  |  |  |  |  |  | 280 |  |
Cape Cod |  |  |  |  |  | 187 |  |  |  |  |  |  | 187 |  |
Various other Snacks(1) |  |  |  |  |  | 337 |  |  |  |  |  |  | 365 |  |
Total indefinite-lived trademarks |  |  |  |  |  | $ | 3,854 |  |  |  |  |  |  | $ | 3,882 |  |
Total net intangible assets |  |  |  |  |  | $ | 4,669 |  |  |  |  |  |  | $ | 4,716 |  |
____________________________________ (1)The carrying amount at July 28, 2024 included the $28 million Pop Secret trademark, which was divested with the sale of the business in 2025. See Note 4 for additional information. Amortization expense was $20 million for the three-month period ended October 27, 2024, and $17 million for the three-month period ended October 29, 2023. Amortization expense for both the three-month periods ended October 27, 2024 and October 29, 2023 included $7 million of accelerated amortization expense on customer relationships, which began in the fourth quarter of 2023 due to the loss of certain contract manufacturing customers. As of October 27, 2024, amortizable intangible assets had a weighted-average remaining useful life of 19 years. Amortization expense is estimated to be approximately $70 million in 2025 and $40 million per year for the following four years. The $1.47 billion carrying value of the Rao's trademark associated with the Sovos Brands acquisition approximates fair value. Excluding the carrying value of the Rao's trademark and the Pop Secret trademark, as of the 2024 annual impairment testing, indefinite-lived trademarks with approximately 10% or less of excess coverage of fair value over carrying value had an aggregate carrying value of $1.293 billion and included the Snyder's of Hanover, Pace, Pacific Foods and certain other Snacks trademarks. The estimates of future cash flows used in determining the fair value of goodwill and intangible assets involve significant management judgment and are based upon assumptions about expected future operating performance, assumed royalty rates, economic conditions, market conditions and cost of capital. Inherent in estimating the future cash flows are uncertainties beyond our control, such as changes in capital markets. The actual cash flows could differ materially from management’s estimates due to changes in business conditions, operating performance and economic conditions.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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